Scott + Scott, LLC Files ERISA Class Action against Royal Dutch Petroleum Company on Behalf of Participants and Beneficiaries of
07 April 2004 - 5:53AM
PR Newswire (US)
Scott + Scott, LLC Files ERISA Class Action against Royal Dutch
Petroleum Company on Behalf of Participants and Beneficiaries of
Retirement Accounts Scott + Scott, LLC Represents Plaintiffs On
Behalf of the Shell Provident Fund and the Shell Pay Deferral
Investment Fund COLCHESTER, Conn., April 6 /PRNewswire/ -- Scott +
Scott, LLC (nrothstein@scott-scott.com or
scottlaw@scott-scott.com), a law firm based in Connecticut with
offices in Ohio and California, announces that it has filed an
ERISA action (Employee Retirement Income Security Act of 1974) on
behalf of the participants and beneficiaries (not defendants) of
the Shell Provident and Shell Pay Deferral Investment Funds (the
"Shell Retirement Funds") of Royal Dutch Petroleum Company and
affiliated companies ("Royal Dutch/Shell" - NYSE: RD and NYSE: SC).
On April 2, 2004, five plaintiffs filed a class action complaint
under ERISA on behalf of the Shell Retirement Funds and the
thousands of the participants and beneficiaries of each whose
retirement accounts held securities in the Plans' Royal Dutch Stock
Fund from at least December 3, 1999 through and including January
9, 2004 and who suffered losses due to defendants' alleged breaches
of fiduciary duties. Plaintiffs allege that at least during this
period, instead of carefully observing their fiduciary duties to
act solely in the Plans' and the Class's best interests, defendants
breached their fiduciary duties by systematically and improperly
manipulating the financial results of the combined oil companies,
Royal Dutch Petroleum Company and Shell Transport and Trading
Company, in direct contravention of generally accepted accounting
principles ("GAAP") and then misrepresenting such financial results
to the publicand Class members. Indeed, defendants deliberately
violated accounting rules and guidelines relating to oil and gas
reserves which resulted in shocking and unprecedented
overstatements and the eventual disclosures which materially
affected the market and drove down the value of the shares held in
the Plans' Royal Dutch Stock Fund-all to the detriment of the
Class. On February 19, 2004, Royal Dutch/Shell announced that the
Securities and Exchange Commission had begun a formal investigation
into the Company's surprise restatement of its oil and natural gas
reserves. Plaintiffs allege that defendants are liable under ERISA
for such breaches of fiduciary duty. If you are a participant or
beneficiary of this group/class and would like to join this
organized group or receive a package of additional information, you
can receive a copy of the complaint filed in this action from the
Court, or it can be viewed at http://www.scott-scott.com/. You can
also contact Scott + Scott, LLC at 800/332-2259 (Pacific Time).
Scott + Scott, LLC, a Connecticut-based law firm with offices in
Ohio and California, is a law firm with a national practice and
reputation. Scott + Scott has dedicated itself to client
communication and satisfaction. The firm is currently litigating
major securities, antitrust and employee retirement plan cases
throughout the United States and represents pension funds,
charities, foundations, individuals and other entities worldwide -
both as class and non-class cases. If you wish to discuss this
action with an attorney or have any questions concerning this
notice or your rights, please contact attorney Neil Rothstein at or
by calling 1-800-332- 2259. Scott + Scott, LLC is located at 108
Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax:
860/537- 4432. DATASOURCE: Scott + Scott, LLC CONTACT: Neil
Rothstein of Scott + Scott, LLC, +1-800-332-2259,
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